So this was the week the rally failed to take flight. Perhaps that’s a judgement on being asked to pay $3,000 for a ticket to a conference to hear lots of industry people tell you what you already know – that crypto is hear to stay.
Sure, there were probably some interesting announcements, commentary and insights and the people behind CoinDesk (Digital Currency Group) made some serious money, given they took in $17 million on the door, but was it all worth the fuss? No not really, although maybe the rally will get started this weekend after the after party headaches have subsided.
Given the age of the internet and an industry that preaches decentralisation like it was a religious mantra, maybe we should be talking about bringing down the shutters on the crypto conference merry-go-round.
Here’s 10 reasons why crypto conferences should be history:
- Too expensive – we didn’t raise all that money at ICO to blow it on $3,000 tickets.
- Travelling from continent to continent makes you dizzy. It distracts from the task at hand -building the business.
- You do not even get a goodies bag like you used to at those Google Dev conferences.
- You don’t learn anything you couldn’t pick up from reading the MIT Technology Review.
- Too much testosterone in the air.
- You can go to a great meetup in your hometown without having to spend a fortune.
- Networking works just as well on social media like LinkedIn and it’s only a click away.
- Watch the live streaming video on the CoinDesk website and save yourself the time, money and hassle.
- There are just too many conferences and just like with ICOs, less is more.
- Spend less time talking and more time doing makes for a better blockchain, just like Vitalik Buterin said when he announced his boycott Consensus 2018.
Enter the decentralised permanent conference
But where would fledgling startups be able to go to show off their technology and schmooze with crypto royalty and and the VC rockstars, I hear you ask. But maybe there are better ways of achieving the same end
And by finding those new ways we could cut down on the collective airmiles and start offsetting some of the damage to the environment bitcoin mining is doing, which according to one economist this week will see the network consuming 0.5% of world electricity supply by the end of the year.
Remember that Internet 1.5 technology? You know, like Skype, the great survivor and thriver, despite the takeover by Microsoft.
That’s right – video conferencing works fine on the web now, with no buffering in sight, unless you are doing it over 4G.
And if you have a bias towards helping out startups, there’s Zoom’s slick enterprise-ready conferencing service that does a fine job in bringing us all together.
But let’s get a bit radical and start asking some hard questions. If decentralisation is the future, where is the distributed marketplace for blockchain projects to raise money or just promote themselves?
Perhaps it is the fierce competition for dollars and eyeballs that means no one wants to get into the business of helping others to succeed?
How it works
It doesn’t take much imagination to conjure up a platform that uses video and audio for real-time interaction, in which token holders are able to gain different levels of access, and the projects themselves make pitches to venture firms, angels and private investors big and small.
The streamed video would of course be over a distributed content delivery system with the startups being the product in the marketplace, but also the buyers and sellers who can bid and be bid upon.
Investors can bid for ‘arena’ or ‘closeup’ ‘views’of the pitches – the closer you are to the pitch the more likely you are to have your questions answered and be able to arrange virtual follow-up meetings. The startups can also bid, though in this instance it is for the attention of the investors and VCs they rate most highly. So how does this platform make money? Advertising of course and subscription to premium added value services such as in the areas of marketing and business development.
Startups are incentivised to join the platform with a vesting of tokens giving them part ownership for as long as they are active on the platform.
Governance is by delegated proof of stake where all token holders can vote to delegate decision-making powers in a 50:50 split between startups and investors, from among the top 10% most active investors and startups on the network. The governance system resolves to 101 decision-making witnesses.
How about a name for our marketplace for funding and/or acquiring blockchain projects, decentralised autonomous organisations and decentralised apps?
Investably – because all the best startup names end with a y, the reason we know not why.
…or maybe we should call it Consensus.